Robertson Stephens Investment Management (RS) Announced that it has Completed the Previously Announced Purchase of the Firm from Bank of America

SAN FRANCISCO, March 1, 1999 - Robertson Stephens Investment Management (RS) announced that it has completed the previously announced purchase of the firm from Bank of America by a group of RS senior managers led by G. Randy Hecht, President and CEO, and founding partner Paul Stephens. The new company will be known as RS Investments Co. LLC.

"We are excited that with the buyout we have become an independent firm focused exclusively on the investment management business," Hecht said. "We believe that our new firm offers a great platform for us to continue providing optimal investment performance for our clients and to offer our professionals an entrepreneurial work environment."

The terms of the sale and the purchase price were not disclosed.

The new organizational structure will support our continued mission of delivering our clients the research-intensive investment process that is the basis of all our products," notes Jim Callinan, Senior Portfolio Manager.

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